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Determine the interest rate gene paid it the payments

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Reference no: EM13328878

Gene Milton borrowed today a sum of $5,000 from his uncle Ben and at the end of year three paid a sum of $5,000 and paid another $1,000 at the end of year four to pay off the loan.

Determine the interest rate Gene paid it the payments were based on yearly compounding.

Reference no: EM13328878

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